Florida

Cedarwood Development Completes 787-Unit Self-Storage Facility in Orlando

by Alex Tostado April 9, 2020

ORLANDO, FLA. — Cedarwood Development has completed a 787-unit, 117,000-square-foot self-storage facility for operator US Storage Centers in Orlando. The property features climate-controlled units, passenger elevators, moving carts, 24-hour video surveillance and moving supplies. The property is situated at 930 Sligh Blvd., a mile south of downtown Orlando. Orange, Calif.-based US Storage Centers, which operates more than 9 million square feet of self-storage space in the U.S., will manage the property. Fairlawn, Ohio-based Cedarwood Development is an affiliate of Cedarwood Cos.

April 9, 2020

Development Florida Industrial Southeast

Brennan Investment Group Delivers 411,000 SF Industrial Property in Port St. Lucie, Florida

by Alex Tostado April 7, 2020

PORT ST. LUCIE, FLA. — Brennan Investment Group has delivered a 411,000-square-foot industrial facility for City Electric Supply/Tamco in Port St. Lucie. The property, which features 40,000 square feet of office space, will also serve as City Electric’s North American Manufacturing headquarters. The tenant manufactures and distributes lighting and electrical equipment products through City Electric Supply branches throughout the country. Tamco, one of City Electric’s retail brands with stores nationwide, is consolidating its space from five locations around Port St. Lucie to the new facility. In addition to developing the new facility, Brennan also acquired the five locations that Tamco occupied before selling them to an undisclosed Florida-based investor.

April 7, 2020

Development Florida Loans Multifamily Seniors Housing Southeast

LV Lending Provides $4.2M Refinancing for Seniors Housing Development Site on Florida’s Space Coast

by Alex Tostado April 7, 2020

CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.

April 7, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $24.5M Refinancing Loan for Apartment Community in Port St. Lucie, Florida

by Alex Tostado April 6, 2020

PORT ST. LUCIE, FLA. — Berkadia has provided a $24.5 million Fannie Mae refinancing loan of a construction take-out loan for Torino Lakes Townhomes in Port St. Lucie. Mitch Sinberg and Matt Robbins of Berkadia originated the 10-year, fixed-rate loan with an interest-only payment period on behalf of the borrower, Rich Properties, a local developer that delivered the community in 2019. The property offers two- and three-bedroom floor plans, which include hardwood floors, walk-in closets, granite countertops, stainless steel appliances and a kitchen island. Communal amenities include a fitness center, swimming pool, spa, playground, clubhouse, walking/biking trails and a media center with a movie theater. Torino Lakes Townhomes is located at 5511 NW Sandhill Trail, eight miles north of downtown Port St. Lucie.

April 6, 2020

Florida Southeast

Musician Pitbull, Miami Mayor Use Paramount Miami Worldcenter to Signal 10 p.m. Curfew

by Alex Tostado April 6, 2020

MIAMI — With Miami under a citywide curfew since March 27 to limit the spread of the novel coronavirus, musician Pitbull and Miami Mayor Francis Suarez have teamed up to help Miami residents know when 10 p.m. strikes and the city’s curfew goes into effect. The curfew ends at 5 a.m. daily. The side of the recently delivered Paramount Miami Worldcenter, a 700-foot condominium tower in downtown Miami, illuminates with an American flag and iHeart Radio broadcasts Pitbull’s new song “I Believe that We Will Win.” In addition to the flag, the side of the building also has a tickertape that features the lyrics of the song. When the song begins, the tower illuminates, signaling stores and businesses to close and all citizens remain home. The song will play nightly for 10 minutes until further notice. The light show on the $600 million Paramount Miami Worldcenter will play for a two-minute duration every half hour from sunset to 11:30 p.m. and again from 4:30 a.m. until sunrise. As of this writing, Johns Hopkins University reports Miami-Dade County and Broward County combine to have 6,032 active cases of COVID-19. Miami-Dade has been under a Stay-at-Home order since mid-March and on Friday, …

April 6, 2020

Development Florida Multifamily Southeast

Fore Property, Canyon Partners to Develop 384-Unit Multifamily Community in Metro Orlando

by Alex Tostado April 2, 2020

KISSIMMEE, FLA. — A joint venture between Fore Property and Canyon Partners Real Estate LLC will develop 19 South, a planned 384-unit multifamily community in Kissimmee. BBVA provided a $49.6 million construction loan for the project, which is situated within an Opportunity Zone. Canyon Partners invested $29.8 million in the community, which is slated to open in May 2022. The project will comprise four four-story buildings offering studio to three-bedroom floor plans with chef-inspired gourmet kitchens, quartz countertops, energy-efficient stainless steel appliances, walk-in closets and hardwood-style flooring. Units will range in size from 670 to 1,437 square feet. Communal amenities will include two pools, an arcade, gaming area, 24-hour fitness center, park and a pet spa. Fore Construction LLC is leading the development of 19 South.

April 2, 2020

Florida Southeast

Florida Governor Issues Statewide Stay-at-Home Order for Month of April

by Alex Tostado April 2, 2020

TALLAHASSEE, FLA. — Fla. Governor Ron DeSantis has issued a statewide stay-at-home order that will go into effect Friday, April 3 at 12:01 a.m. The executive order will expire April 30, though the governor can extend it then. The full list of essential reasons and businesses has not yet been released, but DeSantis says it will closely resemble what Miami-Dade County Mayor Carlos Gimenez published March 26. In Gimenez’s order, non-essential commercial and retail businesses were ordered to close, as well as hotels, motels and short-term rental properties. Essential services remaining open include construction sites, grocery stores, pharmacies, take-out food counters and gas stations.

April 2, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 392-Unit Multifamily Community in Metro Tampa

by Alex Tostado April 1, 2020

WESLEY CHAPEL, FLA. — Preferred Apartment Communities (PAC) has acquired Altis Wiregrass Ranch, a 392-unit multifamily community in Wesley Chapel. The seller and developer, The Altman Cos., delivered the property in 2018. PAC acquired the property after making an investment in the construction loan for the property two years ago. The sales price was not disclosed, but the Atlanta-based REIT said it purchased the asset in all cash. Altis Wiregrass Ranch is situated within Wiregrass Ranch, a master-planned, mixed-use community spanning 5,000 acres. The apartment community is located at 28878 Golden Vista Blvd., 22 miles north of downtown Tampa. Communal amenities include a fitness center, pool and package services.

April 1, 2020

Acquisitions Florida Multifamily Southeast

Broadshore Capital Acquires Multifamily Property in Metro Jacksonville for $37.1M

by Alex Tostado March 31, 2020

ORANGE PARK, FLA. — Los Angeles-based Broadshore Capital Partners has led a joint venture including an investment client in the $37.1 million acquisition of Victoria at Orange Park in metro Jacksonville. The 280-unit apartment community offers one- and two-bedroom floor plans spanning 13 buildings. Communal amenities include a pool, fitness center and a clubhouse. The buyers will upgrade the amenity space as well as open a new business center. The property was originally built in 1986 and is situated at 1710 Wells Road in Orange Park, 14 miles south of downtown Jacksonville. The seller was not disclosed.

March 31, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates Sale of 20,922 SF Retail Property in Sarasota

by Alex Tostado March 31, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the sale of Sixth Street Plaza a 20,922-square-foot retail property in Sarasota. The buyer, an undisclosed limited liability company, paid $1.4 million for the asset, which is situated at 601A N. Washington Blvd., less than one mile north of downtown Sarasota. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, an undisclosed individual trust, in the transaction. The team also procured the buyer.

March 31, 2020

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